S. 893: SMART Act

115th Congress · introduced 2017-04-07 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2017-04-07 · official record
Who proposed it: Sen. Shelby, Richard C. [R-AL] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

SMART Act

Plain summary

Simplified, Manageable, And Responsible Tax Act or the SMART Act This bill amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income. The bill redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. It also: increases the basic standard deduction, includes an additional standard deduction for dependents, and includes the taxable income of each dependent child under the age of 14 in an individual's taxable income. The bill revises the tax on corporations to: (1) replace it with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person; and (2) make the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation. The bill imposes on employers a 17% tax on the value of excludable compensation provided during the year to employees. With respect to pension rules, the bill: (1) repeals rules relating to non-discrimination, contribution limits, and restrictions on distributions; and (2) revises rules relating to transfers of excess pension assets. The bill also repeals: the alternative minimum tax; all income tax credits; estate, gift, and generation-skipping transfer taxes; and income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations. The bill prohibits Congress from considering legislation to make specified changes to tax policy unless Congress waives or suspends the prohibition with a three-fifths vote.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

SMART Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Shelby, Richard C. [R-AL] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115s893.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/s>

Record fed-us-cong115-s893 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115